By Zinnia B. Dela Peña (The Philippine Star) Updated December 25, 2010 12:00 AM
MANILA, Philippines - The Securities and Exchange Commission has approved Anvaya Cove Golf & Sports Club Inc.’s sale of 3,000 common shares through a secondary offering to raise as much as P5.5 billion.
Based on its registration statement filed with the SEC, Anvaya Cove shareholders Ayala Land Inc. (ALI) and Subic Bay Development and Industrial Estate Corp. said they plan to sell 2,846 Class B shares priced between P800,000 to P1.8 million each while 154 Class C shares will likewise be sold at P1.6 million to P2.4 million a piece.
The shares will be offered for sale in tranches. The offer period for each tranche will be driven by the sales take-up of the shares by the market for that specific tranche, the company said.
“Using average take-up volumes, the aggregate offer period for the offer shares is estimated to be nine years or until 2019,” it pointed out.
The increase in the offer prices will be based on several factors: the inflationary effects of estimated construction and development costs, percentage of completion of the project, and expected appreciation of the market value of the offer shares.
Anvaya Cove, a residential resort community located in Morong, Bataan, intends to use a substantial portion of the proceeds to finance the development of the club and its facilities which include an 18-hole golf course, a sports center and other gaming facilities.
ALI is the developer of the club and was instrumental in establishing the first leisure club in Anvaya Cove, the Anvaya Cove Beach and Nature Club Inc.
Operational since 2005, Anvaya Cove has grown with a membership base of approximately 1,600 members.
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